Economy of Canada

Economy of Canada

Toronto, the financial centre of Canada

ncy Canadian dollar (CAD, C$)
year 1 April – 29 March
CPTPP, NAFTA, OECD, WTO and others
izations
ry group Developed/Advanced[1]
High-income economy[2]
Statistics
ation 37,797,496 (Q3, 2019)[3]
$1.741 trillion (nominal, 2019 est.)[4]
$1.904 trillion (PPP, 2019)[5]
ank 10th (nominal, 2019)
16th (PPP, 2020)
rowth 2.0% (2018) 1.7% (2019)
−8.4% (2020e) 4.9% (2021e)[6]
per capita $46,213 (nominal, 2019 est.)[4]
$50,725 (PPP, 2019 est.)[4]
per capita 17th (nominal, 2019)
21st (PPP, 2019)
by sector agriculture: 1.6%
industry: 28.2%
services: 70.2%
(2017 est.)[7]
on (CPI) 0.6% (2020 est.)[5]
ation 9.4% (2008 est.)[7][note 1]

ty line
31.0 medium (2017)[8]
cient
n 0.922 very high (2018)[9] (13th)
opment
0.841 very high IHDI (2018)[10]

ur force 20.0 million (July 2020)[11]

57.3% employment rate (July 2020)[11]
ployment 10.9% (July 2020)[11]
24.2% youth unemployment (July 2020; 15 to 24 year-olds)[12]
2.2 million unemployed (July 2020)[11]
ge gross $1,042 weekly (September 2019)[13]

Transportation equipment · chemicals · minerals · food products · wood and paper · fish products ·
tries petroleum · natural gas
of-doing- 23rd (very easy, 2020)[14]
ess rank
External
ts $585 billion (2018)[15]
t goods motor vehicles and parts, industrial machinery, aircraft, telecommunications equipment;
chemicals, plastics, fertilizers; wood pulp, timber, crude petroleum, natural gas, electricity,
aluminum
export United States 76.2%
ers
European Union 7.7%
China 4.1%
Japan 2.1%
Mexico 1.5%
Other 8.4%[16]
ts $607 billion (2018)[15]
t goods machinery and equipment, motor vehicles and parts, crude oil, chemicals, electricity, durable
consumer goods
mport United States 52.2%
ers
China 12.1%
European Union 11.4%
Mexico 6.2%
Japan 3%
Other 15.1%[16]
ock $1.045 trillion (31 December 2017 est.)[17]
Abroad: $1.366 trillion (31 December 2017 est.)[17]
$−17.3 billion (Q1 2019)[18]
nt
nt
external $1.791 trillion (31 March 2017)[19]

Public finances
c debt 89.7% of GDP (2017 est.)[7][note 2]
et −1% (of GDP) (2017 est.)[7]
ce
ues 649.6 billion (2017 est.)[7]
ses 665.7 billion (2017 est.)[7]
omic aid donor: ODA, $3.96 billion (2016)[20]
rating Standard & Poor's:[21]
AAA · Outlook: Stable
Moody's:[22]
AAA · Outlook: Stable
Fitch:[23]
AA+ · Outlook: Stable
gn $86.3 billion (June 2019)[24][25]
es
Main data source:
World Fact Book (https://www.cia.gov/library/publications/resources/the-world-factbook/geos/ca.html)
All values, unless otherwise stated, are in US dollars.

The economy of Canada is a highly developed market economy.[26] It is the 10th largest GDP by nominal
and 16th largest GDP by PPP in the world. As with other developed nations, the country's economy is
dominated by the service industry which employs about three quarters of Canadians.[27] Canada has the third
highest total estimated value of natural resources, valued at US$33.2 trillion in 2019.[28] It has the world's third
largest proven petroleum reserves and is the fourth largest exporter of petroleum. It is also the fourth largest
exporter of natural gas. Canada is considered an "energy superpower" due to its abundant natural resources
and a small population of 37 million inhabitants relative to its land area.[29][30][31]

According to the Corruption Perceptions Index, Canada is one of the least corrupt countries in the world,[32]
and is one of the world's top ten trading nations, with a highly globalized economy.[33][34] Canada historically
ranks above the U.S. and most western European nations on The Heritage Foundation's index of economic
freedom,[35] and experiencing a relatively low level of income disparity.[36] The country's average household
disposable income per capita is "well above" the OECD average.[37] The Toronto Stock Exchange is the
ninth-largest stock exchange in the world by market capitalization, listing over 1,500 companies with a
combined market capitalization of over US$2 trillion.[38]

In 2018, Canadian trade in goods and services reached CA$1.5 trillion.[15] Canada's exports totalled over
CA$585 billion, while its imported goods were worth over CA$607 billion, of which approximately
CA$391 billion originated from the United States, CA$216 billion from non-U.S. sources.[15] In 2018,
Canada had a trade deficit in goods of CA$22 billion and a trade deficit in services of CA$25 billion.[15]

Canada is unusual among developed countries in the importance of the primary sector, with the logging and oil
industries being two of Canada's most important. Canada also has a sizable manufacturing sector, based in
Central Canada, with the automobile industry and aircraft industry being especially important. With the world's
longest coastline, Canada has the 8th largest commercial fishing and seafood industry in the world.[39][40]
Canada is one of the global leaders of the entertainment software industry.[41] It is a member of the APEC,
NAFTA, G7, G20, OECD and WTO.

Contents
Overview
Data
Unemployment rate
Export trade
Import trade
Measuring productivity
Multifactor productivity
Bank of Canada
Monetary Policy Report
Inflation targeting
Key industries
Service sector
Manufacturing
Steel
Energy
Electricity
Oil and Gas
Agriculture
Free-trade agreements
Free-trade agreements in force
Free-trade agreements concluded
Ongoing free-trade agreements negotiations
Political issues
Relations with the U.S.
Debt issue
Central Government Debt
Household Debt
Mergers and Acquisition
See also
Notes
References
Further reading
External links

Overview
With the exception of a few island nations in the Caribbean, Canada is the only major parliamentary system in
North America. As a result, Canada has developed its own social and political institutions, distinct from most
other countries in the world.[42] Though the Canadian economy is closely integrated with the American
economy, it has developed unique economic institutions.

The Canadian economic system generally combines elements of private enterprise and public enterprise. Many
aspects of public enterprise, most notably the development of an extensive social welfare system to redress
social and economic inequities, were adopted after the end of World War II in 1945.[42]

Canada has a private to public (Crown) property ratio of 60:40 and one of the highest levels of economic
freedom in the world. Today Canada closely resembles the U.S. in its market-oriented economic system and
pattern of production.[43] As of 2019, Canada has 56 companies in the Forbes Global 2000 list, ranking ninth
just behind South Korea and ahead of Saudi Arabia.[44]

International trade makes up a large part of the

Canadian economy, particularly of its natural resources.
In 2009, agriculture, energy, forestry and mining
exports accounted for about 58% of Canada's total
exports.[45] Machinery, equipment, automotive
products and other manufactures accounted for a further
38% of exports in 2009.[45] In 2009, exports accounted
for about 30% of Canada's GDP. The United States is
by far its largest trading partner, accounting for about
73% of exports and 63% of imports as of 2009.[46]
Canada's combined exports and imports ranked 8th
among all nations in 2006.[47]

About 4% of Canadians are directly employed in

primary resource fields, and they account for 6.2% of
GDP.[48] They are still paramount in many parts of the
country. Many, if not most, towns in northern Canada,
where agriculture is difficult, exist because of a nearby Tree-map of Canada's goods exports in 2017
mine or source of timber. Canada is a world leader in
the production of many natural resources such as gold,
nickel, uranium, diamonds, lead, and in recent years, crude petroleum, which, with the world's second-largest
oil reserves, is taking an increasingly prominent position in natural resources extraction. Several of Canada's
largest companies are based in natural resource industries, such as Encana, Cameco, Goldcorp, and Barrick
Gold. The vast majority of these products are exported, mainly to the United States. There are also many
secondary and service industries that are directly linked to primary ones. For instance one of Canada's largest
manufacturing industries is the pulp and paper sector, which is directly linked to the logging business.

The reliance on natural resources has several effects on the Canadian economy and Canadian society. While
manufacturing and service industries are easy to standardize, natural resources vary greatly by region. This
ensures that differing economic structures developed in each region of Canada, contributing to Canada's strong
regionalism. At the same time the vast majority of these resources are exported, integrating Canada closely into
the international economy. Howlett and Ramesh argue that the inherent instability of such industries also
contributes to greater government intervention in the economy, to reduce the social impact of market
changes.[49]

Natural resource industries also raise important questions of sustainability. Despite many decades as a leading
producer, there is little risk of depletion. Large discoveries continue to be made, such as the massive nickel find
at Voisey's Bay. Moreover, the far north remains largely undeveloped as producers await higher prices or new
technologies as many operations in this region are not yet cost effective. In recent decades Canadians have
become less willing to accept the environmental destruction associated with exploiting natural resources. High
wages and Aboriginal land claims have also curbed expansion. Instead many Canadian companies have
focused their exploration, exploitation and expansion activities overseas where prices are lower and
governments more amenable. Canadian companies are increasingly playing important roles in Latin America,
Southeast Asia, and Africa.

The depletion of renewable resources has raised concerns in recent years. After decades of escalating
overutilization the cod fishery all but collapsed in the 1990s, and the Pacific salmon industry also suffered
greatly. The logging industry, after many years of activism, has in recent years moved to a more sustainable
model, or to other countries.

Data

The following table shows the main economic indicators in 1980–2018. Inflation under 2 % is in green.[50]
 GDP GDP per GDP Inflation
Unemployment Government debt
Year (in bn. US$ capita growth rate
(in Percent) (in % of GDP)
PPP) (in US$ PPP) (real) (in Percent)

1980 287.3 11,739 2.1 % 10.2 % 7.5 % 45.1 %

1981 325.1 13,116 3.5 % 12.5 % 7.6 % 46.6 %
1982 334.2 13,323 −3.2 % 10.8 % 11.1 % 52.3 %
1983 356.4 14,067 2.6 % 5.8 % 12.0 % 57.8 %
1984 390.9 15,284 5.9 % 4.3 % 11.4 % 60.9 %
1985 422.5 16,369 4.7 % 4.0 % 10.5 % 65.9 %
1986 440.4 16,894 2.2 % 4.2 % 9.6 % 70.1 %
1987 470.1 17,809 4.1 % 4.4 % 8.8 % 70.5 %
1988 508.1 18,994 4.4 % 4.0 % 7.8 % 70.5 %
1989 540.2 19,848 2.3 % 7.5 % 5.3 % 71.8 %
1990 561.0 20,302 0.2 % 4.8 % 8.2 % 74.5 %
1991 567.3 20,271 −2.1 % 5.6 % 10.3 % 81.5 %
1992 585.4 20,668 0.9 % 1.5 % 11.2 % 89.2 %
1993 615.2 21,473 2.7 % 1.9 % 11.4 % 95.0 %
1994 656.6 22,672 4.5 % 0.1 % 10.4 % 97.8 %
1995 688.2 23,518 2.7 % 2.2 % 9.5 % 100.4 %
1996 712.1 24,081 1.6 % 1.6 % 9.6 % 100.6 %
1997 755.3 25,287 4.3 % 1.6 % 9.1 % 95.6 %
1998 793.1 26,328 3.9 % 1.0 % 8.3 % 93.6 %
1999 846.8 27,885 5.2 % 1.7 % 7.6 % 89.3 %
2000 910.9 29,723 5.2 % 2.7 % 6.8 % 80.7 %
2001 948.2 30,615 1.8 % 2.5 % 7.2 % 81.8 %
2002 991.7 31,676 3.0 % 2.3 % 7.7 % 79.9 %
2003 1,029.7 32,585 1.8 % 2.7 % 7.6 % 76.2 %
2004 1,090.7 34,193 3.1 % 1.8 % 7.2 % 72.1 %
2005 1,161.8 36,080 3.2 % 2.2 % 6.8 % 70.9 %
2006 1,229.0 37,781 2.6 % 2.0 % 6.3 % 70.1 %
2007 1,287.7 39,201 2.1 % 2.1 % 6.0 % 66.8 %
2008 1,326.1 39,944 1.0 % 2.4 % 6.2 % 67.8 %
2009 1,296.7 38,615 −3.0 % 0.1 % 8.4 % 79.3 %
2010 1,353.1 39,844 3.1 % 1.8 % 8.0 % 81.1 %
2011 1,424.3 41,524 3.1 % 3.1 % 7.5 % 81.9 %
2012 1,475.9 42,537 1.7 % 1.5 % 8.1 % 85.5 %
2013 1,536.8 43,787 2.3 % 0.9 % 7.1 % 86.2 %
2014 1,609.1 45,345 2.9 % 1.9 % 6.9 % 85.7 %
2015 1,642.8 45,884 0.7 % 1.1 % 6.9 % 91.3 %
 2016 1,678.9 46,569 1.1 % 1.4 % 7.0 % 91.8 %
2017 1,761.4 48,273 3.0 % 2.1 % 6.3 % 90.1 %

2018[51] 1,838.3 49,690 1.9 % 2.2 % 5.8 % 89.9 %

Unemployment rate

Unemployment rate
Province percentage of labour force
as of March 2020[52]
Alberta 8.7

British Columbia 7.2

Manitoba 6.4

Newfoundland and Labrador 11.7

New Brunswick 8.8

Nova Scotia 9.0

Ontario 7.6

Prince Edward Island 8.6

Quebec 8.1

Saskatchewan 7.3

Canada (national) 7.8

Export trade

Export trade from Canada measured in US dollars. In 2018, Canada exported over US$450 billion.[53]
 Partner Value Fraction
United States $338.2 billion 75.0%
China $21.3 billion 4.7%
United Kingdom $12.6 billion 2.8%
Japan $10.0 billion 2.2%
Mexico $6.3 billion 1.4%
South Korea $4.5 billion 1.0%
Germany $3.7 billion 0.8%
Netherlands $3.7 billion 0.8%
India $3.3 billion 0.7%
Hong Kong $3.0 billion 0.7%
Belgium $2.9 billion 0.6%
France $2.7 billion 0.6%
Italy $2.3 billion 0.5%
Norway $1.9 billion 0.4%
Brazil $1.7 billion 0.4%

Import trade

Import trade in 2017 measured in US dollars.[54]

Partner Value Fraction

United States $222.0 billion 51.3%
China $54.7 billion 12.7%
Mexico $27.4 billion 6.3%
Germany $13.8 billion 3.2%
Japan $13.5 billion 3.1%
United Kingdom $6.9 billion 1.6%
South Korea $6.7 billion 1.5%
Italy $6.3 billion 1.5%
France $4.8 billion 1.1%
Vietnam $3.9 billion 0.9%

Measuring productivity
Productivity measures are key indicators of economic performance and a key source of economic growth and
competitiveness. The Organisation for Economic Co-operation and Development (OECD)'s[notes 1]
Compendium of Productivity Indicators,[55] published annually, presents a broad overview of productivity
levels and growth in member nations, highlighting key measurement issues. It analyses the role of
"productivity as the main driver of economic growth and convergence" and the "contributions of labour,
capital and MFP in driving economic growth".[55] According to the definition above "MFP is often interpreted
as the contribution to economic growth made by factors such as technical and organisational innovation"
(OECD 2008,11). Measures of productivity include Gross Domestic Product (GDP)(OECD 2008,11) and
multifactor productivity.

Multifactor productivity

Another productivity measure, used by the OECD, is the long-term trend in multifactor productivity (MFP)
also known as total factor productivity (TFP). This indicator assesses an economy's "underlying productive
capacity ('potential output'), itself an important measure of the growth possibilities of economies and of
inflationary pressures". MFP measures the residual growth that cannot be explained by the rate of change in
the services of labour, capital and intermediate outputs, and is often interpreted as the contribution to economic
growth made by factors such as technical and organisational innovation. (OECD 2008,11)

According to the OECD's annual economic survey of Canada in June 2012, Canada has experienced weak
growth of multi-factor productivity (MFP) and has been declining further since 2002. One of the ways MFP
growth is raised is by boosting innovation and Canada's innovation indicators such as business R&D and
patenting rates were poor. Raising MFP growth is "needed to sustain rising living standards, especially as the
population ages".[56]

Bank of Canada
The mandate of the central bank—the Bank of Canada is to conduct monetary policy that "preserves the value
of money by keeping inflation low and stable".[57][58]

Monetary Policy Report

The Bank of Canada issues its bank rate announcement through its Monetary Policy Report which is released
eight times a year.[58] The Bank of Canada, a federal crown corporation, has the responsibility of Canada's
monetary system.[59] Under the inflation-targeting monetary policy that has been the cornerstone of Canada's
monetary and fiscal policy since the early 1990s, the Bank of Canada sets an inflation target[58][60] The
inflation target was set at 2 per cent, which is the midpoint of an inflation range of 1 to 3 per cent. They
established a set of inflation-reduction targets to keep inflation "low, stable and predictable" and to foster
"confidence in the value of money", contribute to Canada's sustained growth, employment gains and improved
standard of living.[58]

In a January 9, 2019 statement on the release of the Monetary Policy Report, Bank of Canada Governor
Stephen S. Poloz summarized major events since the October report, such as "negative economic
consequences" of the US-led trade war with China. In response to the ongoing trade war "bond yields have
fallen, yield curves have flattened even more and stock markets have repriced significantly" in "global
financial markets". In Canada, low oil prices will impact Canada's "macroeconomic outlook". Canada's
housing sector is not stabilizing as quickly as anticipated.[61]

Inflation targeting

During the period that John Crow was Governor of the Bank of Canada—1987 to 1994— there was a
worldwide recession and the bank rate rose to around 14% and unemployment topped 11%.[59] Although
since that time inflation-targeting has been adopted by "most advanced-world central banks",[62] in 1991 it
was innovative and Canada was an early adopter when the then-Finance Minister Michael Wilson approved
the Bank of Canada's first inflation-targeting in the 1991 federal budget.[62] The inflation target was set at 2
per cent.[58] Inflation is measured by the total consumer price index (CPI). In 2011 the Government of Canada
and the Bank of Canada extended Canada's inflation-control target to December 31, 2016.[58] The Bank of
Canada uses three unconventional instruments to achieve the inflation target: "a conditional statement on the
future path of the policy rate", quantitative easing, and credit easing.[63]

As a result, interest rates and inflation eventually came down along with the value of the Canadian dollar.[59]
From 1991 to 2011 the inflation-targeting regime kept "price gains fairly reliable".[62]

Following the Financial crisis of 2007–08 the narrow focus of inflation-targeting as a means of providing
stable growth in the Canadian economy was questioned. By 2011, the then-Bank of Canada Governor Mark
Carney argued that the central bank's mandate would allow for a more flexible inflation-targeting in specific
situations where he would consider taking longer "than the typical six to eight quarters to return inflation to 2
per cent".[62]

On July 15, 2015, the Bank of Canada announced that it was lowering its target for the overnight rate by
another one-quarter percentage point, to 0.5 per cent[64] "to try to stimulate an economy that appears to have
failed to rebound meaningfully from the oil shock woes that dragged it into decline in the first quarter".[65]
According to the Bank of Canada announcement, in the first quarter of 2015, the total Consumer price index
(CPI) inflation was about 1 per cent. This reflects "year-over-year price declines for consumer energy
products". Core inflation in the first quarter of 2015 was about 2 per cent with an underlying trend in inflation
at about 1.5 to 1.7 per cent.[64]

In response to the Bank of Canada's July 15, 2015 rate adjustment, Prime Minister Stephen Harper explained
that the economy was "being dragged down by forces beyond Canadian borders such as global oil prices, the
European debt crisis, and China's economic slowdown" which has made the global economy "fragile".[66]

The Chinese stock market had lost about US$3 trillion of wealth by July 2015 when panicked investors sold
stocks, which created declines in the commodities markets, which in turn negatively impacted resource-
producing countries like Canada.[67]

The Bank's main priority has been to keep inflation at a moderate level.[68] As part of that strategy, interest
rates were kept at a low level for almost seven years. Since September 2010, the key interest rate (overnight
rate) was 0.5%. Since September 2010, the key interest rate (overnight rate) was 0.5%. In mid 2017, inflation
remained below the Bank's 2% target, (at 1.6%)[69] mostly because of reductions in the cost of energy, food
and automobiles; as well, the economy was in a continuing spurt with a predicted GDP growth of 2.8 percent
by year end.[70][71] Early on 12 July 2017, the bank issued a statement that the benchmark rate would be
increased to 0.75%.

Key industries
In 2017, the Canadian economy had the following relative weighting by industry, as percentage value of
GDP:[72]
 Industry Share of GDP
Real estate and rental and leasing 13.01%
Manufacturing 10.37%
Mining, quarrying, and oil and gas extraction 8.21%
Finance and insurance 7.07%
Construction 7.07%
Health care and social assistance 6.63%
Public administration 6.28%
Wholesale trade 5.78%
Retail trade 5.60%
Professional, scientific and technical services 5.54%
Educational services 5.21%
Transportation and warehousing 4.60%
Information and cultural industries 3.00%
Administrative and support, waste management and remediation services 2.46%
Utilities 2.21%
Accommodation and food services 2.15%
Other services (except public administration) 1.89%
Agriculture, forestry, fishing and hunting 1.53%
Arts, entertainment and recreation 0.77%
Management of companies and enterprises 0.62%

Service sector

The service sector in Canada is vast and multifaceted, employing about three quarters of Canadians and
accounting for 70% of GDP.[73][73] The largest employer is the retail sector, employing almost 12% of
Canadians.[74] The retail industry is concentrated mainly in a small number of chain stores clustered together
in shopping malls. In recent years, there has been an increase in the number of big-box stores, such as Wal-
Mart (of the United States), Real Canadian Superstore, and Best Buy (of the United States). This has led to
fewer workers in this sector and a migration of retail jobs to the suburbs.

The second largest portion of the service sector is the business service
and hire only a slightly smaller percentage of the population.[75] This
includes the financial services, real estate, and communications
industries. This portion of the economy has been rapidly growing in
recent years. It is largely concentrated in the major urban centres,
especially Toronto, Montreal and Vancouver (see Banking in
Canada). The Financial District in Downtown
Vancouver. Canadian business
The education and health sectors are two of Canada's largest, but both
services are largely concentrated in
are largely under the influence of the government. The health care large urban areas of Canada.
industry has been quickly growing, and is the third largest in Canada.
Its rapid growth has led to problems for governments who must find
money to fund it.
Canada has an important high tech industry, and a burgeoning film, television, and entertainment industry
creating content for local and international consumption (see Media in Canada).[76] Tourism is of ever
increasing importance, with the vast majority of international visitors coming from the United States. Casino
gaming is currently the fastest-growing component of the Canadian tourism industry, contributing $5 billion in
profits for Canadian governments and employing 41,000 Canadians as of 2001.[77]

Manufacturing

The general pattern of development for wealthy nations was a

transition from a raw material production based economy to a
manufacturing based one, and then to a service based economy. At its
World War II peak in 1944, Canada's manufacturing sector accounted
for 29% of GDP,[78] declining to 10.37% in 2017.[72] Canada has not
suffered as greatly as most other rich, industrialized nations from the
pains of the relative decline in the importance of manufacturing since
the 1960s.[78] A 2009 study by Statistics Canada also found that,
Ford's Oakville Assembly in the
while manufacturing declined as a relative percentage of GDP from
Greater Toronto Area. Central
24.3% in the 1960s to 15.6% in 2005, manufacturing volumes
Canada is home to several auto
between 1961 and 2005 kept pace with the overall growth in the factories of the major American and
volume index of GDP.[79] Manufacturing in Canada was especially Japanese automakers.
hit hard by the financial crisis of 2007–08. As of 2017, manufacturing
accounts for 10% of Canada's GDP,[72] a relative decline of more
than 5% of GDP since 2005.

Central Canada is home to branch plants to all the major American and Japanese automobile makers and many
parts factories owned by Canadian firms such as Magna International and Linamar Corporation.

Steel

Canada was the world's nineteenth-largest steel exporter in 2018. In

year-to-date 2019 (through March), further referred to as YTD 2019,
Canada exported 1.39 million metric tons of steel, a 22 percent
decrease from 1.79 million metric tons in YTD 2018. Canada's
exports represented about 1.5 percent of all steel exported globally in
2017, based on available data. By volume, Canada's 2018 steel
exports represented just over one-tenth the volume of the world's
largest exporter, China. In value terms, steel represented 1.4 percent of
the total goods Canada exported in 2018. The growth in exports in the
ArcelorMittal Dofasco, view from
decade since 2009 has been 29%. The largest producers in 2018 were
Burlington Street
ArcelorMittal, Essar Steel Algoma, and the first of those alone
accounted for roughly half of Canadian steel production through its
two subsidiaries. The top two markets for Canada's exports were its
NAFTA partners, and by themselves accounted for 92 percent of exports by volume. Canada sent 83 percent
of its steel exports to the United States in YTD 2019. The gap between domestic demand and domestic
production increased to -2.4 million metric tons, up from -0.2 million metric tons in YTD 2018. In YTD 2019,
exports as a share of production decreased to 41.6 percent from 53 percent in YTD 2018.[80]

In 2017, heavy industry accounted for 10.2% of Canada's Greenhouse gas emissions.[81]

Energy
Canada has access to cheap sources of energy because of its geography. This has enabled the creation of
several important industries, such as the large aluminum industries in British Columbia[82] and Quebec.[83]
Canada is also one of the world's highest per capita consumers of energy.[84][85]

Electricity

The electricity sector in Canada has played a significant role in the economic and political life of the country
since the late 19th century. The sector is organized along provincial and territorial lines. In a majority of
provinces, large government-owned integrated public utilities play a leading role in the generation,
transmission and distribution of electricity. Ontario and Alberta have created electricity markets in the last
decade in order to increase investment and competition in this sector of the economy. In 2017, the electricity
sector accounted for 10% of total national greenhouse gas emissions.[86] Canada has substantial electricity
trade with the neighbouring United States amounting to 72 TWh exports and 10 TWh imports in 2017.

Hydroelectricity accounted for 59% of all electric generation in Canada in 2016,[87] making Canada the
world's second-largest producer of hydroelectricity after China.[88] Since 1960, large hydroelectric projects,
especially in Quebec, British Columbia, Manitoba and Newfoundland and Labrador, have significantly
increased the country's generation capacity.

The second-largest single source of power (15% of the total) is nuclear power, with several plants in Ontario
generating more than half of that province's electricity, and one generator in New Brunswick. This makes
Canada the world's sixth-largest producer of electricity generated by nuclear power, producing 95 TWh in
2017.[89]

Fossil fuels provide 19% of Canadian electric power, about half as coal (9% of the total) and the remainder a
mix of natural gas and oil. Only five provinces use coal for electricity generation. Alberta, Saskatchewan, and
Nova Scotia rely on coal for nearly half their generation while other provinces and territories use little or none.
Alberta and Saskatchewan also use a substantial amount of natural gas. Remote communities including all of
Nunavut and much of the Northwest Territories produce most of their electricity from diesel generators, at high
economic and environmental cost. The federal government has set up initiatives to reduce dependence on
diesel-fired electricity.[90]

Non-hydro renewables are a fast-growing portion of the total, at 7% in 2016.

Oil and Gas

Canada possesses large oil and gas resources centred in Alberta and
the Northern Territories, but also present in neighbouring British
Columbia and Saskatchewan. The vast Athabasca oil sands give
Canada the world's third largest reserves of oil after Saudi Arabia and
Venezuela according to USGS. As such, the oil and gas industry
represents 27% of Canada's total greenhouse gas emissions, an
increase of 84% since 1990, mostly due to the development of the oil
sands.[86]

Historically, an important issue in Canadian politics is the interplay Syncrude's Mildred Lake plant site at
the Athabasca oil sands in Alberta.
between the oil and energy industry in Western Canada and the
industrial heartland of Southern Ontario. Foreign investment in
Western oil projects has fueled Canada's rising dollar. This has raised
the price of Ontario's manufacturing exports and made them less competitive, a problem similar to the decline
of the manufacturing sector in the Netherlands.[91][92]
The National Energy Policy of the early 1980s attempted to make Canada oil-sufficient and to ensure equal
supply and price of oil in all parts of Canada, especially for the eastern manufacturing base.[93] This policy
proved deeply divisive as it forced Alberta to sell low-priced oil to eastern Canada.[94] The policy was
eliminated 5 years after it was first announced amid a collapse of oil prices in 1985. The new Prime Minister
Brian Mulroney had campaigned against the policy in the 1984 Canadian federal election. One of the most
controversial sections of the Canada–United States Free Trade Agreement of 1988 was a promise that Canada
would never charge the United States more for energy than fellow Canadians.[81]

Agriculture

Canada is also one of the world's largest suppliers of agricultural

products, particularly of wheat and other grains.[95] Canada is a major
exporter of agricultural products, to the United States and Asia. As
with all other developed nations the proportion of the population and
GDP devoted to agriculture fell dramatically over the 20th century.
The agriculture and agri-food manufacturing sector created $49.0
billion to Canada's GDP in 2015, accounting for 2.6% of total
An inland grain terminal along the
GDP.[96] This sector also accounts for 8.4% of Canada's Greenhouse
Yellowhead Highway in
gas emissions.[81]
Saskatchewan.
As with other developed nations, the Canadian agriculture industry
receives significant government subsidies and supports. However,
Canada has been a strong supporter of reducing market influencing subsidies through the World Trade
Organization. In 2000, Canada spent approximately CDN$4.6 billion on supports for the industry. Of this,
$2.32 billion was classified under the WTO designation of "green box" support, meaning it did not directly
influence the market, such as money for research or disaster relief. All but $848.2 million were subsidies worth
less than 5% of the value of the crops they were provided for.

Free-trade agreements

Free-trade agreements in force

Source:[97]

Canada–U.S. Free Trade Agreement (Signed 12

October 1987, entered into force 1 January 1989,
later superseded by NAFTA)
North American Free Trade Agreement (Entered Canada
into force 1 January 1994, later superseded by Free-trade areas
USMCA)
United States–Mexico–Canada Agreement
(Entered into force July 1, 2020)
Canada–Israel Free Trade Agreement (Entered into force 1 January 1997, modernization
ongoing)
Canada–Chile Free Trade Agreement (Entered into force 5 July 1997)
Canada–Costa Rica Free Trade Agreement (Entered into force 1 November 2002,
modernization ongoing)
Canada–European Free Trade Association Free Trade Agreement (Iceland, Norway,
Switzerland and Liechtenstein; entered into force 01-Jul-2009)
 Canada–Peru Free Trade Agreement (Entered into force 1 August 2009)
Canada–Colombia Free Trade Agreement (Signed 21 November 2008, entered into force 15
August 2011; Canada's ratification of this FTA had been dependent upon Colombia's
ratification of the "Agreement Concerning Annual Reports on Human Rights and Free Trade
Between Canada and the Republic of Colombia" signed on 27 May 2010)
Canada–Jordan Free Trade Agreement (Signed on 28 June 2009, entered into force 1 October
2012)
Canada–Panama Free Trade Agreement (Signed on 14 May 2010, entered into force 1 April
2013)
Canada–South Korea Free Trade Agreement (Signed on 11 March 2014, entered into force 1
January 2015)
Canada–Ukraine Free Trade Agreement (concluded 14 July 2015, entered into force 1 August
2017)
Comprehensive and Progressive Agreement for Trans-Pacific Partnership (signed 8 March
2018, entered into force 30 December 2018)

Free-trade agreements concluded

Source:[98]

Trans-Pacific Partnership (concluded 5 October 2015, superseded by CPTPP)

Comprehensive Economic and Trade Agreement (concluded 5 August 2014)

Ongoing free-trade agreements negotiations

Source:[98]

Canada is negotiating bilateral FTAs with the following countries respectively trade blocs:

Caribbean Community (CARICOM)

Guatemala, Nicaragua and El Salvador
Dominican Republic
India
Japan[99]
Morocco
Singapore
Andean Community (FTA's are already in force with Peru and Colombia)

Canada has been involved in negotiations to create the following regional trade blocks:

Canada and Central American Free Trade Agreement

Free Trade Area of the Americas (FTAA)

Political issues

Relations with the U.S.

Canada and the United States share a common trading relationship. Canada's job market continues to perform
well along with the US, reaching a 30-year low in the unemployment rate in December 2006, following 14
consecutive years of employment growth.[100]

The United States is by far Canada's largest trading partner, with more
than $1.7 billion CAD in trade per day in 2005.[101] In 2009, 73% of
Canada's exports went to the United States, and 63% of Canada's
imports were from the United States.[102] Trade with Canada makes
up 23% of the United States' exports and 17% of its imports.[103] By
comparison, in 2005 this was more than U.S. trade with all countries
in the European Union combined,[104] and well over twice U.S. trade
with all the countries of Latin America combined.[105] Just the two-
way trade that crosses the Ambassador Bridge between Michigan and
Ontario equals all U.S. exports to Japan. Canada's importance to the
United States is not just a border-state phenomenon: Canada is the
leading export market for 35 of 50 U.S. states, and is the United
States' largest foreign supplier of energy. Flags of Canada and the United
States
Bilateral trade increased by 52% between 1989, when the U.S.–
Canada Free Trade Agreement (FTA) went into effect, and 1994,
when the North American Free Trade Agreement (NAFTA) superseded it. Trade has since increased by 40%.
NAFTA continues the FTA's moves toward reducing trade barriers and establishing agreed-upon trade rules. It
also resolves some long-standing bilateral irritants and liberalizes rules in several areas, including agriculture,
services, energy, financial services, investment, and government procurement. NAFTA forms the largest
trading area in the world, embracing the 405 million people of the three North American countries.

The largest component of U.S.–Canada trade is in the commodity sector.

The U.S. is Canada's largest agricultural export market, taking well over half of all Canadian food
exports.[106] Nearly two-thirds of Canada's forest products, including pulp and paper, are exported to the
United States; 72% of Canada's total newsprint production also is exported to the U.S.

At $73.6 (https://web.archive.org/web/20060411203756/http://www.nrcan.gc.ca/statistics/energy/default.html)
billion in 2004, U.S.-Canada trade in energy is the largest U.S. energy trading relationship, with the
overwhelming majority ($66.7 billion) being exports from Canada. The primary components of U.S. energy
trade with Canada are petroleum, natural gas, and electricity. Canada is the United States' largest oil supplier
and the fifth-largest energy producing country in the world. Canada provides about 16% of U.S. oil imports
and 14% of total U.S. consumption of natural gas. The United States and Canada's national electricity grids are
linked, and both countries share hydropower facilities on the western borders.

While most of U.S.-Canada trade flows smoothly, there are occasionally bilateral trade disputes, particularly in
the agricultural and cultural fields. Usually these issues are resolved through bilateral consultative forums or
referral to World Trade Organization (WTO) or NAFTA dispute resolution. In May 1999, the U.S. and
Canadian governments negotiated an agreement on magazines that provides increased access for the U.S.
publishing industry to the Canadian market. The United States and Canada also have resolved several major
issues involving fisheries. By common agreement, the two countries submitted a Gulf of Maine boundary
dispute to the International Court of Justice in 1981; both accepted the court's 12 October 1984 ruling which
demarcated the territorial sea boundary. A current issue between the United States and Canada is the ongoing
softwood lumber dispute, as the U.S. alleges that Canada unfairly subsidizes its forestry industry.

In 1990, the United States and Canada signed a bilateral Fisheries Enforcement Agreement, which has served
to deter illegal fishing activity and reduce the risk of injury during fisheries enforcement incidents. The U.S.
and Canada signed a Pacific Salmon Agreement in June 1999 that settled differences over implementation of
the 1985 Pacific Salmon Treaty for the next decade.[107]

Canada and the United States signed an aviation agreement during Bill Clinton's visit to Canada in February
1995, and air traffic between the two countries has increased dramatically as a result. The two countries also
share in operation of the St. Lawrence Seaway, connecting the Great Lakes to the Atlantic Ocean.[108]

The U.S remains Canada's largest foreign investor and the most popular destination for Canadian foreign
investments. In 2018, the stock of U.S. direct investment in Canada totaled $406 billion, while the stock of
Canadian investment in the U.S totaled $595 billion, or 46% of the overall CDIA stock for 2018.[109][110]
This made Canada the second largest investing country in the U.S for 2018[111] US investments are primarily
directed at Canada's mining and smelting industries, petroleum, chemicals, the manufacture of machinery and
transportation equipment, and finance, while Canadian investment in the United States is concentrated in
manufacturing, wholesale trade, real estate, petroleum, finance, and insurance and other services.[112]

Debt issue

Central Government Debt

The OECD reports the Central Government Debt as percentage of the GDP. In 2000 Canada's was 40.9
percent, in 2007 it was 25.2 percent, in 2008 it was 28.6 percent and by 2010 it was 36.1 percent.[113] The
OECD reports net financial liabilities measure used by the OECD, reports the net number at 25.2%, as of
2008,[113] making Canada's total government debt burden as the lowest in the G8. The gross number was
68% in 2011.[114]

The CIA World Factbook, updated weekly, measures financial liabilities by using gross general government
debt, as opposed to net federal debt used by the OECD and the Canadian federal government. Gross general
government debt includes both "intragovernmental debt and the debt of public entities at the sub-national
level". For example, the CIA measured Canada's public debt as 84.1% of GDP in 2012 and 87.4% of GDP in
2011 making it 22nd in the world.[115]

Household Debt

Household debt, the amount of money that all adults in the household owe financial institutions, includes
consumer debt and mortgage loans. In March 2015, the International Monetary Fund reported that Canada's
high household debt was one of two vulnerable domestic areas in Canada's economy; the second is its
overheated housing market.[116]

According to Statistics Canada, total household credit (https://www150.statcan.gc.ca/t1/tbl1/en/tv.action?pid=1

010011801) as of July 2019 was CAD$2.2 trillion.[117] According to Philip Cross of the Fraser Institute, in
May 2015, while the Canadian household debt-to-income ratio is similar to that in the US, however lending
standards in Canada are tighter than those in the United States to protect against high-risk borrowers taking out
unsustainable debt.[118]

Mergers and Acquisition

Since 1985, 63,755 deals in- and outbound Canada have been announced, with an overall value of US$3.7
billion.[119] Almost 50% of the targets of Canadian companies (outbound deals) have a parent company in the
US. Inbound deals are 82% percent from the US.
Here is a list of the biggest deals in Canadian history:[119]

Date Acquiror Target Value (in bil.

Rank Acquiror name Target name
announced nation nation USD)
1 01.26.2000 Spin-off Canada Nortel Networks Corp Canada 59.97
2 06.20.2000 Vivendi SA France Seagram Co Ltd Canada 40.43
Rio Tinto Canada
3 07.12.2007 Canada Alcan Inc Canada 37.63
Holdings Inc
United
4 09.06.2016 Enbridge Inc Canada Spectra Energy Corp 28.29
States
5 12.03.2014 Enbridge Income Fund Canada Enbridge Inc-Liquids Canada 24.79
6 05.11.2008 Shareholders Canada Cenovus Energy Inc Canada 20.26
CNOOC Canada
7 07.23.2012 Canada Nexen Inc Canada 19.12
Holding Ltd
8 05.15.2006 Xstrata PLC Switzerland Falconbridge Ltd Canada 17.40
Cia Vale do Rio Doce
9 08.11.2006 Brazil Inco Ltd Canada 17.15
SA
10 03.23.2009 Suncor Energy Inc Canada Petro-Canada Canada 15.58
Fording Canadian
11 07.29.2008 Teck Cominco Ltd Canada Canada 13.60
Coal Trust

See also
Canada's Global Markets Action Plan
Comparison of Canadian and American economies
Economy of Alberta
Economy of Ontario
Economy of Quebec
Economy of Saskatchewan
History of the petroleum industry in Canada
List of Median household income of cities in Canada
List of Commonwealth of Nations countries by GDP
List of Canadian provinces and territories by gross domestic product
Canada portal

Notes
1. The OECD produces an annual report on member nations who share the goal of "contributing
to the development of the world economy" by attaining the "highest sustainable economic
growth and employment and a rising standard of living while maintaining financial stability."
1. this figure is the Low Income Cut-Off, a calculation that results in higher figures than found in
many comparable economies; Canada does not have an official poverty line
2. figures are for gross general government debt, as opposed to net federal debt; gross general
government debt includes both intragovernmental debt and the debt of public entities at the
sub-national level
 "Gross domestic product (GDP) at basic prices, by industry" (https://www150.statcan.gc.ca/t1/tb
l1/en/tv.action?pid=3610043403). www150.statcan.gc.ca.

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Further reading
Howlett, Michael and M. Ramesh. Political Economy of Canada: An Introduction. Toronto:
McClelland and Stewart, 1992.
Wallace, Iain, A Geography of the Canadian Economy. Don Mills: Oxford University Press,
2002.
"OECD Economic Surveys: Canada 2010" (https://books.google.com/books?id=tvLuZ2iQAqkC
&printsec=frontcover&dq=OECD+economic+survey.+Canada%22+2010#v=onepage&q&f=tru
e), Organización para la Cooperación y Desarrollo Económicos, Paris : OECD economic
surveys, 2010, ISBN 978-92-64-08325-7
Baldwin, John Russel (2003), Innovation and knowledge creation in an open economy (https://
books.google.com/?id=4V9Xx-6B2ZIC&lpg=PA1&dq=nel.%20Innovation%20and%20Knowled
ge%20Creation%20in%20an%20Open%20Economy%3A%20Canadian%20Industry%20an
d%20International%20Implications&pg=PP1#v=onepage&q&f=true), Cambridge University
Press, ISBN 0-521-81086-8
Easterbrook, William Thomas; Aitken, Hugh G. J (1988). Canadian Economic History (https://bo
oks.google.com/books?id=QjmE2bSRzEUC&lpg=PP1&dq=Economic%20History%20of%20C
anada&pg=PP1#v=onepage&q&f=true). University of Toronto Press. ISBN 0-8020-6696-8.
Hessing, Melody; Michael Howlett, Tracy Summerville (2005), Canadian natural resource and
environmental policy (https://books.google.com/books?id=_qHF160KzwgC&lpg=PP1&dq=Can
adian%20Economy&pg=PP1#v=onepage&q&f=true), UBC Press, ISBN 9780774851459
Kealey, Gregory S (1995), Workers and Canadian history (https://books.google.com/books?id=
RGnUhCZAW9MC&lpg=PA159&dq=The%20History%20of%20Canadian%20Business&pg=P
P1#v=onepage&q&f=true), McGill-Queen's University Press, ISBN 0-7735-1352-3
Levi, Michael A (2009), The Canadian oil sands : energy security vs. climate change (https://bo
oks.google.com/books?id=cj2wJGhT-2QC&lpg=PP1&dq=Oil%20sands&pg=PP1#v=onepage
&q&f=true), Council on Foreign Relations, Center for Geoeconomic Studies, ISBN 978-0-
87609-429-7
 Lipsey, Richard G; Alice Nakamura, Canada. Industry Canada (2006), Services industries and
the knowledge-based economy (https://books.google.com/books?id=_0-jUlslCOgC&lpg=PA26
6&dq=Canadian%20Economy&pg=PP1#v=onepage&q&f=true), University of Calgary Press,
ISBN 1-55238-149-8
Pomfret, Richard (1981), "The Economic Development of Canada" (https://books.google.com/b
ooks?id=tYCexdAOLi0C&lpg=PR7&dq=Canadian%20Economy&pg=PP1#v=onepage&q&f=tr
ue), revised 2005, Routledge, ISBN 978-0-415-37976-2
Quarter, Jack; Laurie Mook, Ann Armstrong (2009), Understanding the Social Economy: A
Canadian Perspective (https://books.google.com/books?id=QGbaI3ilv2sC&lpg=PP1&dq=Cana
dian%20Economy&pg=PP1#v=onepage&q&f=true), University of Toronto Press, ISBN 978-0-
8020-9695-1
Tavidze, Albert (2007), Progress in Economics Research, Volume 12 (https://books.google.co
m/books?id=hWv3ZvmesVoC&lpg=PA3&dq=Canadian%20Economy&pg=PP1#v=onepage&q
&f=true), Gardners Books, ISBN 978-1-60021-720-3

External links
Statistics Canada (https://www.statcan.gc.ca/eng/start)
Department of Finance Canada (https://www.fin.gc.ca/)
Bank of Canada (http://www.bankofcanada.ca/)
Canada - OECD (http://www.oecd.org/canada/)
Canada profile (https://www.cia.gov/library/publications/the-world-factbook/geos/ca.html) at the
CIA World Factbook
Canada profile (http://www.worldbank.org/en/country/canada) at The World Bank
Canada Exports and Imports (https://wits.worldbank.org/CountryProfile/en/Country/CAN/Year/L
TST/TradeFlow/EXPIMP/Partner/by-country)

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